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Industry news and small business help.
Mar 30
0
financial statement

Is Financial Statement Analysis Critical to Assess What is Working in Your Business?

By | Small Business Advice

Ask a typical American on the street about their interest in analyzing financial statements and you’ll likely get a glassy look or loud laughter. But, to every business executive, financial statement analysis is no laughing matter because the analysis is both informative and critical for business success.   What are Financial Statements and Why are They Important?   The financial statements of a company record financial data reflecting the components of its business activity. Financial statement analysis is simply the…

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Mar 27
0
The CARES Act Opens Floodgates to Free Money for Businesses

The CARES Act Opens Floodgates to Free Money for Businesses

By | Small Business Advice

These are the basic details of loans available to businesses.  They are unbelievable unless regulations put limits on these loans: This new law lets any business borrow 2.5 months of payroll, benefits, interest on loans and lease payments. The loan is made through a bank that is an SBA approved lender and is guaranteed by the SBA. Loan Is nonrecourse to the borrower. The loan is forgiven if you don’t cut back on staff and spend the money on the…

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Mar 25
0
Corona Virus Sick Leave Updates

Corona Virus Sick Leave Updates

By | Small Business Advice

As more information comes available here is the latest we can provide on what we do know and what we don’t know about the new sick leave bill, The Families First Coronavirus Response Act was passed and signed into law on March 18 to become effective April 2. Only for time off incurred after April 2: At this point, it appears the law is not retroactive and will expire Dec 31, 2020 so everything you do prior to April 2…

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Mar 21
0
New Tax Developments Affecting Small Businesses

New Tax Developments Affecting Small Businesses

By | Accounting Advice, Small Business Advice

Information is changing so rapidly that news is outdated almost as soon as it comes out.  Here are some recent developments that will affect small business: Which payments you can extend to July 15: The IRS issued minimal clarification on their extension of tax payments.  The wording on their website states “Taxpayers can also defer federal income tax payments due on April 15, 2020 to July 15, 2020, without penalties and interest.”  Since this wording does not relate to any…

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Mar 18
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More Questions than Answers on New IRS Announcement to Delay Tax Payments?

More Questions than Answers on New IRS Announcement to Delay Tax Payments?

By | Accounting Advice, Small Business Advice

The IRS announcement on delaying 2019 taxes yesterday can cause some confusion.  Here are a few things you should be aware of and some unanswered questions:   1.       The announcement did not extend the time to file.  It simply gave taxpayers another 90 days to pay the tax without additional interest or penalty during that 90 days. Your tax return is still due April 15.   2.       It is not clear whether the IRS extension of payment for 2019 tax also extends the…

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Mar 14
0
tax day

What to do if You’re Not Ready to Files Taxes on Time

By | Accounting Advice

It’s time for those (sometimes) dreaded words: “It’s tax time.” Are you ready? There are plenty of jokes about paying taxes, but frankly, it’s no laughing matter. Meeting tax deadlines for a small business is serious business and lateness (or call it being “chronologically challenged”) shouldn’t be taken lightly. However, if your business is dealing with some financial challenges or some other issues causing a delay in tax payments, don’t panic. Your professional accounting service can work with the IRS…

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Feb 29
0
person working at a table

What’s the Correct IRS Classification for Independent Contractors?

By | Accounting Advice

No one should want to get in trouble with the IRS. But, there’s difficulty aplenty if contractor classifications are incorrect. Workers, be they employees or contractors, typically work hard for their compensation. They don’t want nor deserve difficulties with the IRS. Similarly, businesses large and small should want their payroll and tax functions to work flawlessly and without unwanted penalties.   What’s an Employee? What’s a Contractor?   An employee is a person who performs services for a company that…

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Feb 15
0

Know Business Tax Deadlines to Keep Payments Up to Date

By | Accounting Advice

Is it tax time? Frankly, it’s always time to pay attention to tax record-keeping, tax liabilities, and tax payments. To keep in the good graces of the IRS and to avoid penalties and unnecessary strain, it is important to know tax deadlines and comply with them exactly.   Why is it Important to File on Time? From a practical standpoint, it’s important to file on-time to avoid last-minute scrambles with processing relevant documents, invoices and reports so that confusion and…

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